Just about every computer out there uses generic RAM, so it's not that bad. It's not as good as branded ram, but it won't cause your computer to explode or anything.
Generic ram uses an assortment of chips from an assortment of manufacturers, depending on what's cheepest at the moment. It'll meet it's rated specifications but you may not be able to exceed those specifications. For instance it's hard to get CL 2.0 generic ram, and you've got a slightly less than 50% chance of overclocking cCL 2.5 generic ram to run at CL 2.0.
It can also be difficult to return, and usually carries a very short warrenty.
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